This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in …

The level of diseconomies of scale in asset management has important implications for tests of manager skill and the …

document that investors recognize this skill and reward it by investing more capital with skilled managers. Higher skilled … managers are paid more and there is a strong positive correlation between current managerial compensation and future …

The level of diseconomies of scale in asset management has important implications for tests of manager skill and the …

(second) sub-period is robust to misspecification. Finally, we find that fund managers reveal positive crisis management …We develop a directional trading model and a crisis management model to measure fund manager skills more adequately. We … test the robustness of both traditional market timing models and new management skill models to changes in their underlying …

What economic forces limit mutual fund managers from generating consistent outperformance? We propose and test the …

30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst … its mutual fund managers. We find no evidence of a similar effect when a firm hires managers from another firm. We …

30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst … its mutual fund managers. We find no evidence of a similar effect when a firm hires managers from another firm. We …